Turquoise Announces Chief Executive and Trading Platform Provider

LONDON, October 25 /PRNewswire/ --

- Two New Members Join Turquoise

Turquoise, the multi-lateral trading facility (MTF) being set
up by seven leading European investment banks, today announced both the
appointment of Eli Lederman as its Chief Executive Officer and the selection
of Cinnober, the Swedish technology provider, as its partner for supplying
the trading platform technology. Turquoise is today also announcing that two
additional investment banks, BNP Paribas and Société Générale Corporate &
Investment Banking have joined the Consortium, bringing the total number of
members to nine.

Eli Lederman will take on the role of Chief Executive Officer of
Turquoise from 1 December. He is currently a Managing Director in Morgan
Stanley's Sales & Trading Division, where he oversees the European electronic
trading business for equity and fixed income products. Mr Lederman joined
Morgan Stanley in New York in 1993 and was instrumental in developing the US
equity electronic trading business, prior to moving to London in 2001 and
establishing Morgan Stanley as a leading provider of electronic trading in
Europe.

Cinnober is an independent provider of state-of-the-art marketplace
technology to exchanges and OTC markets, based on the TRADExpress platform.
The decision to select Cinnober came after an in-depth review of a wide range
of possible suppliers. Cinnober's TRADExpress technology best matched
Turquoise requirements for a state of the art, functionally rich solution
with exceptional reliability and low latency.

In April, Turquoise announced that the clearing & settlement function
will be delivered by EuroCCP, a subsidiary of DTCC. The combination of
EuroCCP with a Cinnober platform will give Turquoise the ability to drive
down the total cost of trading. The system is expected to be fully functional
by the end of next year.

Turquoise will offer an innovative hybrid trading facility bringing
together a traditional transparent order book - which will have the priority
- and a hidden order book or "dark pool" within the same matching engine and
order book.

Jan Arpi, CEO of Cinnober said: "The competition for this assignment has
been fierce and delivery demands are very high, so I am delighted that
Cinnober came out as Turquoise's selected technology partner. Together with
the similarly innovative BOAT project, this further strengthens our position
as a leading independent technology provider to marketplaces."

Eli Lederman said: "We have in Turquoise the key ingredients for success
- expertise, liquidity and great motivation. The consortium has done
important work for us to build upon and with my appointment we will now
streamline decision-making and move this young business forward quickly. A
successful Turquoise will inject competition into Europe's trading venues and
improve market dynamics in terms of cost, technology and overall quality of
execution. All market participants, including end-owners of assets, will
share in the benefits."

Notes to Editors

The nine investment banks are BNP Paribas; Citi; Credit
Suisse; Deutsche Bank; Goldman Sachs; Merrill Lynch; Morgan Stanley; Société
Générale Corporate & Investment Banking and UBS.

Both BNP Paribas and Société Générale Corporate & Investment
Banking have each taken a 3% stake in the consortium.

Turquoise will be an independently run company, that will be applying to
be regulated as an MTF by the FSA. Each bank has committed significant
investment both financially and through resourcing in order to set up
Turquoise. It will be open to all market participants who meet the membership
criteria and all participants will be treated equally.

About Eli Lederman

Eli Lederman is a Managing Director in Morgan Stanley's Sales & Trading
Division. Based in London since 2001, he manages the electronic trading
business for European equity cash and derivative products. In 2007,
electronic trading of interest rate and credit products were integrated under
his supervision. Eli received his Sc.B. in physics from Brown University in
Rhode Island, and his Ph.D., also in physics from New York University. Prior
to joining Morgan Stanley in New York in 1993, he was a post-doctoral
Research Fellow at Harvard. He is married with three young children and lives
in London.

About Cinnober

Cinnober is a provider of advanced technology to financial marketplaces
currently serving a number of leading markets with mission critical systems.
These include the American Stock Exchange, the BOAT Consortium, the Chicago
Board Options Exchange, Liffe NYSE Euronext, the London Metal Exchange and
Borsa Italiana.

Cinnober's products are highly customizable and based on "TRADExpress" -
a scalable, high performance, low latency platform for transaction
processing. TRADExpress is 100% Java based, enabling solutions that are both
flexible and hardware and database independent. Solutions exploiting
opportunities within MiFID include systems for Systematic Internalization,
pre- and post trade reporting and Multilateral Trading Facilities.

For more information on Cinnober Financial Technology see
http://www.cinnober.com.